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The Arbitrum market has seen a significant price increase over a medium length of time. The perceived significant price move saw the market exit a narrow range between the $1.3890 mark and the $1.3000 mark. However, the upside retracement had terminated, and a moderate downward correction had occurred. In recent times, price action has bounced off support near the $1.6500 support level. Let’s try to examine how far this rebound will go.
ARB Statistics:
Current ARB Value: $1.9425
Arbitrum Market Cap: $2,484,625,731
Arbitrum Circulating Supply: 1,275,000,000
ARB Total Supply: 10,000,000,000
Arbitrum CoinMarketCap: 38
Key Price Levels:
Resistance: $1.9425, $1.9700, and $2.000
Support: $1.9400, $1.9200, and $1.9000
ARB Retains Healthy Bullish Characteristics
Arbitrum’s price bounced off the newly obtained support near the $1.6500 mark. At this point, the upside momentum in the market still looks good enough to keep the upside correction going. The last price candle suggests that buyers have seen some decent profits in the session.
Also, with the aid of this price candle, it could be seen that the token now trades at a significant distance above the 21-day Moving Average (MA) line. Meanwhile, the Connor Relative Strength Index (CRSI) indicator keeps pointing to the fact that price action still possesses the needed upside traction to keep going, as the indicator line has surpassed the 75 marks of the indicator and is still pointing fairly upward.
The Arbitrum Market Faces Rejection, but Buyers Seem Optimistic Despite That
In the 4-hour ARB market, buyers have been gathering consistent profit since the price action bounced off the Fibonacci Retracement Level of 38.20. Meanwhile, the previous session seems to have seen the most significant price increase. The ongoing session appears to be experiencing some contention between bulls and bears. The last price candle here has a dashed-shaped body, which appeared just in the lower shadow.
As a result, the price of the token hasn’t moved much from what it was in the previous session. At the same time, we can see that the Moving Average Convergence Divergence (MACD) lines are still rising smoothly upwards while above the equilibrium level. Likewise, the bars of the indicator are still appearing green above the equilibrium level. Consequently, traders can still utilize crypto signals with a take-profit level of $1.9800 to set their trades in this market.
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